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For the following series of journal entries, indicate whether each is an adjusting entry (ADJ) or a

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For the following series of journal entries, indicate whether each is an adjusting entry (ADJ) or a closing entry(CL).
For the following series of journal entries, indicate whether each
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SECR. TYPE OF ENTRY ADJ OR CL) ACCOUNTS POST REF. DR. 500 Salaries Expense 500 Salaries Payable 6,000 Service Revenue 6,000 Retained Earnings 2,100 Retained Earnings 2,100 Dividends 700 Unearned Revenue 700 Service Revenue

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Type of Entry ADJ or CL Accounts Post Ref Dr ...View the full answer


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Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.

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